2 startups helping trucks handle tricky border crossings launched just before the pandemic. Here''s how they pivoted to grow and raise millions amid the chaos.
Summary List Placement Matt Silver got the term sheet on the $10 million Series A round for his startup, Forager, in 2020, just as freight markets crashed. Deepak Chhugani was in pretty much the same position with his startup, Nuvocargo. But with a few significant adjustments along the way, each turned the uncertainty of 2020 into opportunity. Forager and Nuvocargo are focused on helping truck freight cross the US-Mexico border, work that entails lots of scrutiny, paperwork, and compliance. The space is dominated by players like CH Robinson, Coyote Logistics, and Redwood Logistics but offers plenty of reward to those who can break in. In 2019, more than 6.5 million truck containers hauling goods worth $772 billion crossed the border. Nuvocargo and Forager aimed to enable that movement by digitizing the truck booking and crossing process while delivering a level of real-time visibility the incumbents couldn''t provide. Nuvocargo also offers customs and financing services. Chhugani had promised investors that when the United States-Mexico-Canada Agreement took effect in July 2020, it would lead to explosive growth in goods flowing across the southern border.
2 startups helping trucks handle tricky border crossings launched just before the pandemic. Here''s how they pivoted to grow and raise millions amid the chaos.
Summary List Placement Matt Silver got the term sheet on the $10 million Series A round for his startup, Forager, in 2020, just as freight markets crashed. Deepak Chhugani was in pretty much the same position with his startup, Nuvocargo. But with a few significant adjustments along the way, each turned the uncertainty of 2020 into opportunity. Forager and Nuvocargo are focused on helping truck freight cross the US-Mexico border, work that entails lots of scrutiny, paperwork, and compliance. The space is dominated by players like CH Robinson, Coyote Logistics, and Redwood Logistics but offers plenty of reward to those who can break in. In 2019, more than 6.5 million truck containers hauling goods worth $772 billion crossed the border. Nuvocargo and Forager aimed to enable that movement by digitizing the truck booking and crossing process while delivering a level of real-time visibility the incumbents couldn''t provide. Nuvocargo also offers customs and financing services. Chhugani had promised investors that when the United States-Mexico-Canada Agreement took effect in July 2020, it would lead to explosive growth in goods flowing across the southern border.